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Just Eat to be scoffed by Takeaway.com as merger deal secures 80% support

The news marks an end to a bidding war between Takeaway.com and Prosus, an investment group backed by South African e-commerce giant Naspers

Just Eat PLC - Just Eat to merge with Takeaway.com as takeover offer secures 80% support from investors

Just Eat PLC (LON:JE.) is to merge with Dutch rival Takeway.com after more than 80% of the app group’s shareholders backed the £6.3bn deal.

The merger values each Just Eat share at 916p after Takeaway.com jacked up its original offer price of around 704p per share.

Shareholder approval ends a bidding war between the Dutch firm and Prosus, an investment group backed by South African e-commerce giant Naspers, which had made a final cash offer of 800p per share shortly before Takeaway.com swooped with its knockout blow.

Takeaway.com and Just Eat had originally agreed a deal at the lower price, however, the intervention by Prosus and criticism by some of the FTSE 100 firm’s major shareholders ultimately forced a sweetened offer.

Just Eat’s shareholders will own 57.5% of the newly combined entity though it will be run by the Dutch group’s management.

"I am thrilled that our offer for Just Eat has now formally reached an acceptance level of 80.4%," said Takeaway.com chief executive Jitse Groen.

“I wish to thank everybody involved, but especially the Just Eat staff for their patience, in what must have been an uncertain time.

“Just Eat Takeaway.com is a dream combination and I am very much looking forward to leading the company for many years to come", he said.

Quick facts: Just Eat PLC

Price: 865.6 GBX

LSE:JE.
Market: LSE
Market Cap: £5.91 billion
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